The Manufacturers Life Insurance Company Increases Stake in Cenovus Energy Inc $CVE

The Manufacturers Life Insurance Company grew its holdings in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 13.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,730,316 shares of the oil and gas company’s stock after purchasing an additional 2,117,875 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.95% of Cenovus Energy worth $470,118,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Financial Management Professionals Inc. acquired a new position in shares of Cenovus Energy during the 4th quarter worth approximately $25,000. Transamerica Financial Advisors LLC lifted its position in Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after buying an additional 1,433 shares in the last quarter. NBC Securities Inc. boosted its stake in Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after buying an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Cenovus Energy during the fourth quarter worth $38,000. Finally, Geneos Wealth Management Inc. grew its holdings in Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 1,384 shares in the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CVE. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a report on Friday, June 26th. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Finally, Wall Street Zen lowered shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $35.25.

Cenovus Energy Stock Down 4.3%

Shares of CVE opened at $28.03 on Tuesday. The company’s 50-day moving average price is $27.39 and its 200 day moving average price is $24.91. Cenovus Energy Inc has a 12-month low of $14.48 and a 12-month high of $32.07. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The firm has a market cap of $52.16 billion, a P/E ratio of 15.40 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same quarter last year, the firm posted $0.47 earnings per share. Cenovus Energy’s revenue was up 1.0% compared to the same quarter last year. On average, sell-side analysts forecast that Cenovus Energy Inc will post 3.02 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s dividend payout ratio is 34.62%.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.